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On December 31,2023, Crane Corporation, a public...

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Accounting

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On December 31,2023, Crane Corporation, a public company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31 , payable February 15. July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18, Dec 15 Declared a 10% stock dividend to shareholders of record on December 30 , distributable on January 15. On December 15 , the market price of each share was \$9; on December 30,$12; and on January 15, \$11. 31 Determined that profit before income tax for the year was $456,000. The company has a 30% income tax rate. Journalize the fransactions for 2024 and closing entries for 2024. (Credit dccount titles are outomoticaly indented when the amount is entered, Do not indent monually. Uf no entry is required, seiect "No Entry" for the account tities ond enter O for the amounts Record Joumal entries in the order presented in the problem. List all debit entries before credit entries) Dec15 Stock Dividends Stock Dividends Distributable (Stock dividend declaration) (Stock dividend record date) (To close tncoine Summary) (Fo close dividends to retained earnings)

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